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Overseas inheritance and trustee accounts

2 replies

JumpingFrogs · 25/04/2021 19:57

Does anyone have experience of setting up trustee accounts for children who have inherited money from overseas?
My four children have all inherited money from a deceased trustee who lived in Australia. Two of them are aged over 21 so money will be paid directly to them, which is fine. Younger two dc are aged 18, and the will stipulates money is to be held in trust until they are 21. Australian trustee has indicated he is willing to step down so money can be transferred to the UK and I can become trustee. He has sent documents for me to sign to enable this to happen. However, trustee has also stipulated that money can ONLY be transferred to the UK if he can send it directly to an account in my name, entitled "Jumping Frogs, trustee for (child's name)".
Have had difficulty finding a UK bank that will open a trustee account, but have now found that NS&I will let me set accounts up BUT will not allow any transfers from overseas because of UK money laundering regulations. Does anyone know of another way around this or will I just have to let the Australian trustee hold onto the money till they turn 21?

OP posts:
CrazyNeighbour · 26/04/2021 07:30

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JumpingFrogs · 26/04/2021 09:45

Thanks @CrazyNeighbour
Can't see the link but I had already found one myself. However, on enquiry several providers no longer offer this facility, and some have a minimum investment (eg £50,000) or have high charges (they'll inherit approx £10,000 each so I don't want that to decrease by hundreds of pounds because of charges)
Hadn't thought about a sterling cheque or using an Australian bank in UK, so I will investigate these options.
I assumed that if I signed paperwork to become the new trustee, the solicitor should be able to transfer the money to my personal bank account, and then as trustee I would be obliged to use these funds appropriately and to invest on behalf of dds. I'm beginning to think it may be easier to leave the money with Australian trustee until they turn 21.

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